Secretary General of the Libyan Oil Authority, Ahmed Abdul-Karim Ahmed, announced at a recent OPEC conference that representatives of American oil companies had visited Tripoli and Libya last month.

The American representatives told their Libyan hosts that they were incurring financial losses as a result of the United States’ embargo on Libyan products, reported Al-Hayat daily.

Ahmed added that talks are currently underway between Libya and various American oil companies, including the Oasis Group, Amoco, and Occidental Petroleum.

According to the Libyan Oil Authority, the country currently produces 1.38 million barrels of oil per day—a production level designated by OPEC regulations. However, Ahmad stated that Libya is capable of immediately raising its oil output capacity by an additional 300,000 barrels per day, to reach its maximum daily oil production capacity of 1.7 million barrels. He also estimated currently, the total oil investments in Libya stands at $7.5 billion. –(MENA Report)